AuRico Gold Inc. (AUQ, AUQ.TO) announced that it has completed the sale of the Ocampo mine and adjacent exploration projects "Venus" and "Los Jarros", located in Chihuahua, Mexico, to Minera Frisco, S.A.B. de C.V. (MFRVF.PK, MSNFY.PK).
Minera Frisco has also acquired a 50% interest in the Orion advanced exploration project and a joint venture agreement is currently being negotiated.
Total cash consideration paid at closing by Minera Frisco was US$750 million. AuRico will use the net proceeds from the sale to eliminate certain debt obligations, invest in internal growth opportunities, provide sufficient working capital and liquidity for the Company and undertake a significant return of capital to shareholders.
For comments and feedback: editorial@rttnews.com